Paulson

RE-POST from 8-10-11

Peter Bradshaw of the Guardian:

Once again, the phrase that comes to mind is Milton Friedman's: socialism for the rich, free enterprise for the rest. An ordinary person defaults on his debt, he gets to live in his car. A banker defaults, and the taxpayer can be relied on to bail him out.

Wesley Morris of the Boston Globe: Read below the fold...

Peter Bradshaw of the Guardian:

Once again, the phrase that comes to mind is Milton Friedman's: socialism for the rich, free enterprise for the rest. An ordinary person defaults on his debt, he gets to live in his car. A banker defaults, and the taxpayer can be relied on to bail him out.

Wesley Morris of the Boston Globe: Read below the fold...

Reuters:

After allocating $20 billion to a Federal Reserve consumer lending facility announced on Tuesday, the Treasury has just $20 billion to spend before it must return to Congress for permission to access a second $350 billion in the program.

Read below the fold...

Steven Benen has the main points up.

Krugman appears to be at least somewhat impressed.

Chris Bowers at Open Left has the link to the PDF forty page document, plus some analysis that suggests Dodd's version carries some poison pills of it's own that Bush and Paulson will have a hard to impossible time swallowing. To which I say, great, no bailout, then.

A friend tells me that Barney Frank's House version is the better of the two, but I don't have any links on what it contains. Read below the fold...